In the last 3 days, 60% collapsed and only managed to recover 26%. This day threatens again with a new low.
The First Republic Bank sinks again this Thursday, March 16, 30% and cannot find a floor. In the last 3 days, 60% collapsed and only managed to recover 26%. This day threatens again with a new low. Within this framework, the Bloomberg portal reported that different strategic options are being analyzed, including the sale.
Bloomberg reported late Wednesday that the San Francisco-based bank is seeking increase your liquidity. His stocks have been hit hard by the liquidations of SBV and Signature Bank, and he lost more than two-thirds of its value in the last week. It should be noted that its business profile is similar to that of SVB, focused on technology companies and startups, since it provides services to similar clients.
S&P Global Ratings and Fitch Ratings downgraded First Republic’s debt rating on Wednesday to junk bond category, due to concerns about the flight of deposits to larger banks, considered safer.
The bank, which is looking at various ways to shore up liquidity, is expected to attract the interest of larger rivals, said some of the people consulted to Bloomberg. No decision has been made yet and the bank could choose to remain independentthey added.
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